ACV Auctions Inc. (NASDAQ:ACVA) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• ACV Auctions Inc. has received an average rating of "Moderate Buy" from analysts, with eleven analysts covering the stock—ten recommending a buy and one a hold.
• Institutional investors hold a significant portion of the company, owning 88.55% of the stock, indicating strong institutional confidence in ACV Auctions.
• The company’s stock price opened at $9.80, well below the fifty-two week high of $23.46, reflecting a challenging market performance.

ACV Auctions Inc. (NASDAQ:ACVA - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the eleven analysts that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $19.4545.

A number of research analysts have recently commented on the company. JMP Securities lowered their price objective on ACV Auctions from $20.00 to $18.00 and set a "market outperform" rating on the stock in a report on Tuesday, August 12th. The Goldman Sachs Group lowered their price objective on ACV Auctions from $26.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Bank of America lowered their price objective on ACV Auctions from $20.00 to $16.50 and set a "buy" rating on the stock in a report on Tuesday, August 12th. JPMorgan Chase & Co. lowered their price objective on ACV Auctions from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Thursday, July 17th. Finally, Citigroup lowered their price objective on ACV Auctions from $21.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th.

Insider Buying and Selling

In other ACV Auctions news, insider Craig Eric Anderson sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $15.04, for a total value of $225,600.00. Following the sale, the insider owned 340,799 shares of the company's stock, valued at $5,125,616.96. This trade represents a 4.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Michael Waterman sold 34,339 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $16.05, for a total value of $551,140.95. Following the completion of the sale, the insider directly owned 379,957 shares in the company, valued at $6,098,309.85. This trade represents a 8.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,089 shares of company stock worth $794,433 in the last ninety days. Insiders own 2.90% of the company's stock.

Institutional Trading of ACV Auctions

A number of hedge funds have recently modified their holdings of ACVA. Versant Capital Management Inc lifted its position in shares of ACV Auctions by 464.4% in the 1st quarter. Versant Capital Management Inc now owns 2,201 shares of the company's stock worth $31,000 after acquiring an additional 1,811 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new position in ACV Auctions in the 1st quarter valued at $35,000. CWM LLC increased its stake in shares of ACV Auctions by 77.4% in the 2nd quarter. CWM LLC now owns 4,642 shares of the company's stock valued at $75,000 after buying an additional 2,026 shares during the period. GAMMA Investing LLC increased its stake in shares of ACV Auctions by 3,005.8% in the 1st quarter. GAMMA Investing LLC now owns 5,932 shares of the company's stock valued at $84,000 after buying an additional 5,741 shares during the period. Finally, Neo Ivy Capital Management acquired a new stake in shares of ACV Auctions in the 2nd quarter valued at $87,000. Institutional investors own 88.55% of the company's stock.

ACV Auctions Stock Performance

Shares of ACVA stock opened at $9.80 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.56 and a quick ratio of 1.56. ACV Auctions has a fifty-two week low of $9.64 and a fifty-two week high of $23.46. The stock's 50-day moving average is $11.94 and its two-hundred day moving average is $14.28. The firm has a market cap of $1.69 billion, a P/E ratio of -19.99 and a beta of 1.68.

ACV Auctions Company Profile

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. The company's marketplace platform includes digital marketplace, which connects buyers and sellers by providing online auction, which facilitates real-time transactions of wholesale vehicles; Run List for pre-filtering and pre-screening of vehicles up to 24 hours prior to an auction taking place; ACV transportation service to enable the buyers to see real-time transportation quotes and status reports of the vehicle; ACV capital, a short-term inventory financing services for buyers to purchase vehicles; and Go Green's seller assurance service for against claims related to defects in the vehicle.

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